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SCHEDULE I - FINANCIAL STATEMENTS
 12 Months Ended
Dec. 31, 2018
SCHEDULE I - FINANCIAL STATEMENTS [Abstract]  
SCHEDULE I - FINANCIAL STATEMENTS
SCHEDULE 1 – GARDNER DENVER HOLDINGS, INC
(PARENT COMPANY ONLY)
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)

  
For the Years Ended December 31,
 
  
2018
  
2017
  
2016
 
Revenues
 
$
-
  
$
-
  
$
-
 
Cost of sales
  
-
   
-
   
-
 
Gross Profit
  
-
   
-
   
-
 
Operating costs
  
(1.2
)
  
19.5
   
12.9
 
Other operating expense, net
  
(22.4
)
  
175.0
   
-
 
Operating Income (Loss)
  
23.6
   
(194.5
)
  
(12.9
)
Interest income
  
41.8
   
20.7
   
-
 
Income (Loss) Before Income Taxes
  
65.4
   
(173.8
)
  
(12.9
)
Income tax provision (benefit)
  
3.4
   
(16.1
)
  
(4.5
)
Income (Loss) of Parent Company
  
62.0
   
(157.7
)
  
(8.4
)
Equity in undistributed income (loss) of subsidiaries
  
207.4
   
176.1
   
(28.2
)
Net Income (Loss)
  
269.4
   
18.4
   
(36.6
)
Other comprehensive (loss) income
  
(47.5
)
  
142.6
   
(76.8
)
Comprehensive Income (Loss)
 
$
221.9
  
$
161.0
  
$
(113.4
)

SCHEDULE 1 – GARDNER DENVER HOLDINGS, INC
(PARENT COMPANY ONLY)
BALANCE SHEETS
(Dollars in millions)

  
As of December 31,
 
  
2018
  
2017
 
Assets
      
Current assets:
      
Cash and cash equivalents
 
$
1.0
  
$
0.2
 
Total current assets
  
1.0
   
0.2
 
Equity in net assets of subsidiaries
  
781.9
   
605.9
 
Intercompany receivables
  
885.7
   
865.1
 
Deferred tax assets
  
15.5
   
22.2
 
Total assets
 
$
1,684.1
  
$
1,493.4
 
         
Liabilities and Stockholders' Equity
        
Other liabilities
 
$
8.1
  
$
16.6
 
Total liabilities
  
8.1
   
16.6
 
Stockholders' equity:
        
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 201,051,291 and 198,377,237 shares issued at December 31, 2018 and December 31, 2017, respectively
  
2.0
   
2.0
 
Capital in excess of par value
  
2,282.7
   
2,275.4
 
Accumulated deficit
  
(308.7
)
  
(577.8
)
Treasury stock at cost; 2,881,436 and 2,159,266 shares at
        
December 31, 2018 and 2017, respectively
  
(53.0
)
  
(23.0
)
Accumulated other comprehensive loss
  
(247.0
)
  
(199.8
)
Total Gardner Denver Holdings, Inc. stockholders' equity
  
1,676.0
   
1,476.8
 
Total liabilities and stockholders' equity
 
$
1,684.1
  
$
1,493.4
 

SCHEDULE 1 – GARDNER DENVER HOLDINGS, INC
(PARENT COMPANY ONLY)
CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in millions)

  
For the Years Ended December 31,
 
  
2018
  
2017
  
2016
 
          
Cash Flows From Operating Activities:
         
Net cash provided by operating activities
 
$
55.0
  
$
9.2
  
$
11.1
 
             
Cash Flows From Investing Activities:
         
$
-
 
Advances to subsidiaries
  
(20.3
)
  
(899.3
)
    
Net cash used in investing activities
  
(20.3
)
  
(899.3
)
  
-
 
             
Cash Flows From Financing Activities:
            
Proceeds from stock option exercises
  
6.8
   
-
   
-
 
Purchases of treasury stock
  
(40.7
)
  
(3.6
)
  
(14.1
)
Proceeds from the issuance of common stock
  
-
   
893.6
   
3.3
 
Net cash provided by (used in) financing activities
  
(33.9
)
  
890.0
   
(10.8
)
Increase (decrease) in cash and cash equivalents
  
0.8
   
(0.1
)
  
0.3
 
Cash and cash equivalents, beginning of year
  
0.2
   
0.3
   
-
 
Cash and cash equivalents, end of year
 
$
1.0
  
$
0.2
  
$
0.3
 

SCHEDULE I - GARDNER DENVER HOLDINGS, INC.
(PARENT COMPANY ONLY)
NOTES TO CONDENSED FINANCIAL STATEMENTS

1. Overview and Basis of Presentation

On July 30, 2013, Gardner Denver, Inc. was acquired by an affiliate of Kohlberg Kravis Roberts & Co. L.P. (“KKR”). The acquisition (also referred to as the “Merger”) was effected by the merger of Renaissance Acquisition Corp. with and into Gardner Denver, Inc., with Gardner Denver, Inc. being the surviving corporation. As a result of the Merger, Gardner Denver, Inc. became a wholly-owned subsidiary of Gardner Denver Holdings, Inc. (formerly Renaissance Parent Corp.)

Gardner Denver Holdings, Inc. Parent Company only financial information has been derived from its consolidated financial statements and should be read in conjunction with the consolidated financial statements included in this report. The accounting policies for the registrant are the same as those described in Note 1 “Summary of Significant Accounting Policies” to our audited consolidated financial statements included elsewhere in this Form 10-K.

2. Subsidiary Transactions

Investment in Subsidiaries

Gardner Denver Holdings, Inc.’s investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries.

Dividends and Capital Distributions

There were no dividends received from subsidiaries during the years ended December 31, 2018, 2017 and 2016.

3. Debt

A discussion of long-term debt, including the five-year debt maturity schedule, can be found in Note 10 “Debt” to our audited consolidated financial statements included elsewhere in this Form 10-K. Gardner Denver Holdings, Inc. had no long-term debt obligations as of December 31, 2018 and 2017.

4. Contingencies

For a summary of contingencies, see Note 19 “Contingencies” to our audited consolidated financial statements included elsewhere in this Form 10-K.